Supervision and Regulation Letters
Interagency Statement on Reorganization of FinCENís Bank Secrecy Act Regulations
SUPERVISION AND REGULATION
|SUBJECT:||Interagency Statement on Reorganization of FinCENís Bank Secrecy Act Regulations|
On October 26, 2010, the Financial Crimes Enforcement Network (FinCEN) issued a final rule reorganizing and transferring its Bank Secrecy Act (BSA) regulations to a new chapter in the Code of Federal Regulations, 31 CFR Chapter X. The final rule also assigns a new numbering convention to Chapter X. The effective date of this change is March 1, 2011.
The interagency statement reminds banks of the upcoming change, and advises banks to consider the effect of the regulationsí new organization and numbering scheme on the bankís policies, publications, training materials, and automated systems or databases. The interagency statement also notifies banks that the federal and state banking regulators will be using the new citations to document violations of FinCENís regulations for examinations beginning on or after March 1, 2011.
Reserve Banks are asked to distribute this SR letter to all state member banks, bank holding companies, Edge agreement corporations, and U.S. branches and agencies of foreign banking organizations they supervise, as well as to their own supervisory and examination staff. Questions regarding this matter may be directed to Timothy P. Leary, Senior Special Anti-Money Laundering Examiner, at (202) 452-2428, or Suzanne Williams, Manager, Compliance Section, at (202) 452-3513. In addition, questions may be sent via the Boardís public website.1
Patrick M. Parkinson
Division of Banking
Supervision and Regulation